Mobile banking is on the rise, now used by 33% of mobile
consumers, up from 24% in 2011. Of the top 25 US financial institutions
by deposit, about half are offering mobile person-to-person (P2P)
transfers and mobile remote deposit capabilities, a figure that has more
than doubled since 2011. Javelin
Strategy & Research’s latest report
examines and evaluates the 25 leading U.S. retail financial institutions
(FIs) mobile banking offerings by comparing features, mobile access,
app, web and text banking, and mobile alerts.

Javelin awarded Best-in-Class to Chase for the second year in a
row, citing such advanced offerings as P2P transfers, mobile deposit,
and near real-time, actionable alerts. Bank of America came in second
place and scored highest for providing the widest mobile accessibility
both through device and mode. USAA, a perennial mobile banking
powerhouse, placed third. FIs can use the benchmarks in the report to
evaluate themselves against top performers, identify specific areas for
improvement, and bring their mobile banking offerings up to speed.

One area of concern is that the number of consumers reporting
problems accessing mobile banking services at their bank has more than
tripled since 2009 from 4% to over 14% in 2012.Without
access there is no mobile banking. One of the most difficult issues
facing mobile banking today is providing access to the multiplicity of
devices that customers use.

FIs need to consider mobile device and mode to optimize mobile
banking access for their particular customer base. More than two-thirds
of FIs now offer the “triple play” – that is, mobile banking through the
mobile web, downloadable app, and SMS text – which can be accessed
through smartphones, feature phones, and tablets. Most notably, mobile
app banking has steadily risen over each of the past three years, while
mobile web banking has dropped. FIs will need to alter their mobile
banking strategies to correlate with these technology trends.

“Mobile access continues to improve, yet year after year more
consumers say, ‘My bank offers it, but I can’t access it.’ Considering
the multiplicity of devices that consumers use for mobile banking,
providing access is a service provider’s headache,” said Mary
Monahan, Executive Vice President and Research
Director, Mobile at Javelin. “Our report shows key user demographics and
shifts in consumer mobile banking behavior and what FIs need to do to
meet mobile banking demands for services, device proliferation, and mode
of access.”